News

Aussies just not that into ATMs these days

April 30, 2013

A study by the Reserve Bank of Australia has found that the number of withdrawals made at ATMs has decreased by 9 percent in the past year. So it should come as no surprise that EFTPOS with cash out is growing, according to the same RBA study.

Another likely reason for the drop in ATM use among Aussies is the growing popularity of contactless payments, according to an article by The Satellite.

Services such as MasterCard PayPass and Visa payWave allow purchasers to simply "tap and go" — no PIN or signature required — on payments of AU$100 (US$103.62) or less, making plastic as quick and convenient as cash.

Tap-and-go and EFTPOS with cash out have become attractive options to a public that, for whatever reasons, incurs the added expense of foreign fees on about 40 percent of all ATM transactions.

Matt Baxby, Bank of Queensland group executive for retail banking, told The Satellite he expected a continued decline in ATM use as alternative payment methods continue to win converts.

Read more about trends and statistics.